PR Newswire
Louis Hernandez, Jr. leads high performing investment firm Black Dragon Capital (“BDC,” “Black Dragon”) in creating innovative and impactful change for the credit union industry and their communities. Black Dragon today announced the launch of a next generation digital banking platform to address the needs of Community-Based Financial Institutions.
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For too long now, US Community Based Financial Institutions have been at the mercy of their technology providers. They are often restricted to antiquated technology and punitive contracts, designed solely for the benefit of the vendor – ultimately limiting open banking capabilities. With the formation of Open Banking Solutions, Black Dragon Capital℠ aims to address the industry-wide problem of legacy, older architected, or unproven technologies with low-cost, open architected, cloud native solutions with client friendly contract terms.
Open Banking Solutions is an advanced cloud based digital banking platform designed to make community-based institutions more competitive. It boasts the most robust cloud core processor: multi-language, multi-currency, loan origination, and micro financing. As a third-party agnostic platform, Open Banking Solutions can integrate with client partners through favorable open-ended contracts and commercially friendly contracts. The next generation full suite of applications is led by industry veterans who have built some of the most recognized brands in financial technology.
Louis Hernandez Jr. is no stranger to the credit union industry. He is an award-winning entrepreneur who was inducted into the Innovator Leadership Hall of Fame by Bank Technology. Hernandez is a successful operating executive and investor, philanthropist, and author. Hernandez is a proven growth-oriented technology executive and investor with expertise in operational execution and results-driven performance in a variety of complex technical fields, including content management, e-commerce, sports and media, financial services, and digital payments. Hernandez is also the author of three books: “Saving the American Dream,” “Too Small to Fail,” and “The Storyteller’s Dilemma.”
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To take on this ambitious undertaking, Hernandez has tapped the team that originally brought DNA to the market. The last real disruptor in the core processing space returns decades later to address the needs of community based financial institutions.
Rashid Desai brings his decades of extensive experience in developing commercial technology products and solutions as proven technology executive in banking. Desai was the CTO of Open Solutions, which has been named one of the 25 Fastest-Growing Technology Companies of 2006 by Forbes Magazine and was ranked number two on the Bank Technology News 10 Technology Companies To Watch report in 2007. He was also one of the visionaries behind the creation of the award-winning DNA open architected core system, while Hernandez was CEO. In addition, he was the CIO of Barclaycard.
“I’m very proud and excited to bring a new set of credible solutions to an industry that I have been a part of for decades. We recreated the landscape with DNA and with Payveris, and we want to reshape the core processing and digital banking landscape with more advanced technology and a true partner approach to our commercial agreements. I am veryexcited about helping community based financial institutions”, said Louis Hernandez Jr., founder of Open Banking Solutions, and former Chair and CEO of Open Solutions, and founder of Payveris.
“I’m honored to be joining Black Dragon Capital℠ and Louis to recapture the imagination we created with DNA and provide our friends with an alternative way to leverage technology partners in a more business friendly way and with more advanced technology so community-based institutions can compete and win!”, said Rashid Desai, former CTO of Open Solutions and Board Advisor for Open Banking Solutions.
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